By Paul A. Harris
Portland, Ore., Jan. 23 – Adams Homes, Inc. priced a $225 million issue of five-year senior notes (B3/B+) at par to yield 7½% on Thursday, according to an informed source.
The yield printed at the tight end of the 7½% to 7¾% yield talk.
Bookrunners were BofA Securities Inc. and Wells Fargo Securities LLC.
The private home builder plans to use the proceeds to repay debt.
| Issuer: | Adams Homes, Inc.
|
| Amount: | $225 million
|
| Maturity: | Feb. 15, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Securities Inc. and Wells Fargo Securities LLC
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 595 bps
|
| Call protection: | Two years
|
| Trade date: | Jan. 23
|
| Settlement date: | Feb. 6
|
| Ratings: | Moody's: B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 7½% to 7¾%
|
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